Market Analysis 22-26 May 2023
23 May 2023
XAUUSD Analysis 22 – 26 May 2023
The gold price outlook is generally positive in the medium term. Although the close of last week’s sell pressure bar indicates a significant loss of buying momentum, due to the sell-off during the week but the price is still moving above the 1960 support. After the adjustment has come down to test, the adjustment has ejected up. There is a very high probability that the price will continue to move or sideways above the 1960 support and there is a possibility of further rally to test the 2000 resistance which is a key resistance on the Weekly timeframe level.
forecasting the price of gold in the short term, the price may move back down to test the 1960 support and if it manages to hold on without further deflection, there may be a sideways correction before rising to test the resistance. 2000 again in the medium term on the daily timeframe level, but if the price has a sharp decline with continuous selling momentum, it can break out the 1960 support level and continue down to the next important support at Should be closely monitored is 1880, which is a support level on the daily timeframe.
GBPUSD Analysis 22 – 26 May 2023
GBPUSD is bearish after rallying to test the 1.26660 resistance to successfully form a new high on the Daily timeframe, before strong selling momentum emerges on the Daily and Weekly timeframes. Currently, the price has dropped to support 1.24470, which is an important level to watch. Because the former price used to form a Double Top pattern on the daily timeframe level.
forecasting that price This week, the price may have sideways at the 1.24470 area before plunging further. There is a high probability that the price will test the support area of 1.22700 before a correction. But if the selling momentum continues to sell continuously and is very strong This will result in the price being able to break out at the 1.22700 support area and go further down to test the next support, 1.18080, which is an important support at the Daily timeframe level.
GBPUSD Analysis 22 – 26 May 2023
GBPUSD is bearish after rallying to test the 1.26660 resistance to successfully form a new high on the Daily timeframe, before strong selling momentum emerges on the Daily and Weekly timeframes. Currently, the price has dropped to support 1.24470, which is an important level to watch. Because the former price used to form a Double Top pattern on the daily timeframe level.
forecasting that price This week, the price may have sideways at the 1.24470 area before plunging further. There is a high probability that the price will test the support area of 1.22700 before a correction. But if the selling momentum continues to sell continuously and is very strong This will result in the price being able to break out at the 1.22700 support area and go further down to test the next support, 1.18080, which is an important support at the Daily timeframe level.
The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.
Next Article
US stocks sink as debt ceiling impasse continues to weigh on investors, RBNZ rate decision today
Major US indices were lower on Tuesday, extending to the downside through the session, as debt limit negotiations extend further to the edge after little progress was made in further talks between the White House and Republican negotiators. The Nasdaq slumped 160 points 1.26% as the risk off tone and tightening economic conditions hit growth stocks...
Previous Article
AU and Asian markets open in the green after mixed lead in from Wall St
The ASX200, Nikkei and Hang Seng are all looking to open in the positive after a mostly positive lead from Wall St with all major US indices but the D...
